8 out of 10 over 50s don’t have a retirement bucket list – but why does that matter?

As freedom from the ‘9 to 5’ routine looms, the prospect of extended leisure time is welcome food for thought for those approaching pension age. But despite the perfect opportunity for people to realise the dreams they haven’t previously had the time or m

Award-winning retirement specialist Age Partnership have conducted a recent survey revealing that only 20% of over 50s have a ‘bucket list’ for their retirement years. Similarly, these results follow Forbes findings in 2016 which found that multiple factors contribute to this happy chapter in people’s lives. From mapping out an income plan, through to speaking with family and considering pastimes that will fill the hours, there’s lots to consider ahead of retirement. But top of the Forbes list was “Figure out in advance what you want out of retirement.” A bucket list would therefore seem the perfect place to start. According to the research, travel – perhaps unsurprisingly – ranks top for the over 50s who have a bucket list. In fact, 55% cite this as their number one aspiration .Of all travel plans, seeing the Northern Lights is the most popular, whilst driving on Route 66 also features. Closer to home, staying at the Shard makes the list, whilst, less conventionally, one adventurous soon-to-be-retiree has set his sights on Base Camp at Mount Everest. Whilst other participants wanted to learn to fly, master a new language and watch a whale shark in the wild, marking some of the more ambitious ideas. There were also some quirkier ideas which are more achievable, such as shopping at Tesco at 3am, and going through a car wash minus the vehicle! Alongside some touching responses too, including falling in love again, becoming a grandparent and buying back a previously owned 1959 Ford Thunderbird.

However, one thing which is clear from the findings is the importance of planning ahead

sooner rather than later so that those approaching retirement can thoroughly enjoy every moment of it. Despite not all bucket list ideas costing the earth, you will still need to ensure that you have made all of the necessary arrangements to take an income from your pension savings, and that you understand all of your pension-income options. One of the more popular pension-income options is a pension annuity which offers a guaranteed income for life, and the potential to enhance your income by up to 50%1 depending on your health and lifestyle. Whether you’d like more information on an annuity, or your other options such as drawdown or a fixed-term annuity, it’s important that you seek professional advice or guidance from an individual or company like Age Partnership who are regulated by the Financial Conduct Authority (FCA) to ensure you remain protected and understand all the risks associated with each pension-income option to help you decide how best to access your pension savings.